Monday, June 1, 2009

Short Sales Anonymous

Hello, my name is Julie and I've been in a short sale since January...

Sometimes what is very obvious from the perspective of an agent, is not obvious at all to a Buyer. I recently experienced the isolation of my Buyers who are participating in short sales which feel as if they are going on forever. And some of them are.

I don't know exactly what it looks like from the Bank's perspective, but I suspect it's a system overwhelmed and overworked, hit hard by an avalanche of work without efficient systems to make sense of the work load. There are probably a lot of people getting blamed and repremanded for situations beyond their control, living under a daily barage of criticism and abuse. With all the public scrutiny, there is no time to say stop and let's take a breath and come up with better systems and solutions to this problem.

But from a Buyer's perspective, from someone who has written a contract and a sizeable check, made the commitment to buy that home and go through the transaction, it just doesn't make any sense at all, not only for how long a time it takes but the lack of communication which also feels like a lack of professionalism and just basic good manners. It's like being stood up for something really important or being in relationship by yourself.

I won't speak for the banks by any means as I am not in their shoes and do not know everything that goes on behind the scenes. But I will say to Buyers, you are not alone. Not only do other Buyers share your frustration, but also the Agents who are working much harder than anyone ever sees are working against a tide of disrespect and lack of cooperation and communication and even financial compensation.

It's a situation that needs to be addressed. And unfortunately, we are in it together. Mostly what we can offer you as agents is our hard work and compassion and communication. Stay in touch with your agents and use information to make educated decisions about your short sale and whether the risks make sense and whether you can end up with a really great home at a really great price. I wish you the best!

Monday Morning Update (and on Monday!)

Monday Statistics

Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:

Morgan Hill has 170 active listings and 121 sale pendings

Gilroy has 128 active listings and 230 sale pendings

San Martin has 36 active listings and 12 sale pendings

Area 1 (all of the above) has 332 active listings and 362 sale pendings

During the month of May, there were 29 closed sales in Morgan Hill, 51 in Gilroy. 4 in San Martin and 84 for the whole of Area 1 – that’s a little less activity and closed sales than we had in March and April but still pretty good and holding strong.

Inventory continues to fall and sales continue to increase. Rates went up last week so we’ll see whether they stay up or will go back down soon and how that affects the market. Rates are still good but not as good as they were which will be a problem for some Buyers. Also, rumors abound about another wave of bank owned properties coming on the market, always the fear getting in the way of what will make us happy.

Stay tuned for regular updates!